Market Update for August 7th

The real estate market remains hot! July was a record-breaking month for real estate as the GTA reported 11,081 sales – a 29.5% increase over July 2019 and a new record for the month of July. It’s hard to believe we are in a pandemic and the numbers for July are mind-boggling.

We are seeing the results of pent up activity from both buyers and sellers, that has been accumulating over that last few months. Low interest rates and limited overall supply are also increasing competition across our market. Here are some of the results for July:

AVERAGE SALE PRICE FOR GTA – $943,710
Up 16.9% from $806,755 – July 2019

AVERAGE SALE PRICE FOR TORONTO – $1,017,320
Up 21% from $839,943 – July 2019

AVERAGE DETACHED FOR GTA – $1,154,356
Up 16% from $995,043 – July 2019

AVERAGE DETACHED FOR TORONTO – $1,541,003
Up 25% from $1,227,301 – July 2019

AVERAGE SEMI-DETACHED FOR GTA – $915,451
Up 16% from $786,974 – July 2019

AVERAGE SEMI-DETACHED FOR TORONTO – $1,181,014
Up 20% from $981,802 -July 2019

AVERAGE CONDO PRICE TORONTO – $682,999
Up 8.8% compared to $627,927 – July2019

NEW LISTINGS – 17,956
Up 24% compared to 14,393 – July 2019

NUMBER OF SALES – 11,081
Up 29.5% compared to 8,595 – July 2019

Price growth was strongest for low-rise home types, notably within the City of Toronto. Despite more balanced market conditions in the condo market, year-over-year price growth remained in the high single digits. We also experienced stronger sales growth in the more expensive detached market sector, which helps explain why the overall average selling price was high. The real estate board has said that its original pre-COVID forecast of 10% price growth for 2020 could still be realized, but it all depends on whether we get a second wave of the virus.